The gold prices used in this table and chart are supplied by FastMarkets. Where the gold price is presented in currencies other than the US dollar, it is converted into the local currency unit using the foreign exchange rate at the time (or as close to as possible).

Mid price: USD/Oz

The gold prices used in this table and chart are supplied by FastMarkets. Where the gold price is presented in currencies other than the US dollar, it is converted into the local currency unit using the foreign exchange rate at the time (or as close to as possible).

Third quarter gold demand rose by 8% year-on-year, reaching a two-year high of 1,120.9 tonnes. Q3 2015 was a period of two distinct halves: ETF outflows contributed to a price dip in July, which boosted consumer demand around the world.

The contrast between the global picture and the more granular demand data clearly demonstrates the multi-faceted nature of the gold market. The numerous and varying roles that gold plays means it responds to different cues in different ways.

Gold demand totalled 929t in the third quarter, which proved to be a generally subdued quarter for the gold market. Jewellery demand softened by 4% year-on-year, but the comparison continues to be heavily influenced by the events in 2013.

Gold demand of 964t in the second quarter was, unsurprisingly, lower when compared with the exceptional upsurge in demand in Q2 2013. Jewellery demand weakened year-on-year, but the broad, 5-year uptrend remains intact.